OGDCL declares over 63% net profit for 1HFY22

OGDCL declares over 63% net profit for 1HFY22

KARACHI: Oil and Gas Development Company Limited (OGDCL) on Wednesday announced financial results for the half year ended December 31, 2021.

The company announced over 63 per cent growth in net profit to Rs69 billion for the first half (July – December) 2021/2022 as compared with Rs42.22 billion in the corresponding period of the last fiscal year.

READ MORE: OGDCL declares Rs33.63 billion net profit in first quarter

The company announced earnings per share (EPS) at Rs16.02 for the half year ended December 31, 2021 as compared with Rs9.82 announced in the corresponding half of the last year.

The board of directors of the company in their meeting held on February 23, 2022 approved an interim cash dividend for the quarter ended December 31, 2021 at Rs2 per share i.e. 20 per cent. This is in addition to interim dividend already paid at Rs1.75 per shre i.e. 17.50 per cent.

READ MORE: OGDCL discovers huge gas deposits in Balochistan

According to the financial results, the sales of the company registered a massive increase to Rs151.16 billion for the first half of the fiscal year 2021/2022 as compared with Rs110.97 billion in the corresponding half of the last fiscal year.

Operating expenses of the company were flat at Rs34.37 billion in July – December 2021/2022 as compared with Rs33.3 billion in the same period of the last fiscal year.

READ MORE: OGDCL announces gas discovery in KPK

OGDCL paid an amount of Rs17 billion as royalty during the first half of the current fiscal year as compared with Rs12.9 billion in the corresponding half of the last fiscal year.

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